Payday Loans in Nevada
Posted on Friday, October 23rd, 2009 at 5:50 pm in Cash Loan Info by State
Nevada is one of just a handful of states that doesn’t impose a limit on the amount of money you can borrow from a payday lender. It’s up to each lender to determine how much they want to lend to each customer and to set a general maximum loan amount. Many lenders do cap the sum they’ll lend at $1,500, following the example of several other states. There is also no limit to the number of payday loans you can have at any one time, however.
With the current national financial crisis and in particular the mortgage crisis which has hit Nevada especially hard, payday lending is a thriving industry in the Silver State. There are no state regulations regarding interest rates and other fees charged by payday lenders here. However, recent figures suggest that a typical APR (annualized percentage rate) for a payday loan in Nevada is around 475%, which is maybe just above average for the nation as a whole. In other words, fierce competition among lenders helps to keep fees down to reasonable levels even where there is no legal regulation.
When you get a pay day loan, it’s usual to pay a new set of interest charges every time you extend the loan term, which is normally every 14 days. Pay day loan providers in Nevada are free to make their own rules in this regard, but most do follow the industry standard practice.
Although there is no maximum loan amount, you’re not permitted to borrow more than 25% of your expected gross monthly income. The word “expected” is important here, as it does leave a fair bit of latitude for cheating. You’re not allowed to hold a payday loan for longer than 60 days before paying it off in full, but you are permitted to get another one right away. In many cases, people take out payday loans for two weeks and then renew them as many times as necessary, within the 60-day limit.
If you’re unable to pay back your loan and the lender declares that you’re in default, they’re supposed to offer you a repayment plan with an interest rate of no more than 10 percentage points above the prime rate at the largest bank in Nevada. Your payday loan issuer is prohibited from taking any criminal action against you if you don’t pay up, unless you’ve acted with criminal intent.
As long as you don’t borrow more than you can afford to pay back within 60 days and don’t take out too many payday loans at the same time, this can be a convenient way to finance an essential outlay or bridge an unexpected gap between paychecks. It can be easy to get carried away, though, given how easy it is to obtain a paycheck loan in Nevada. So you need to be disciplined and not overextend yourself or you’ll end up in hot water, so to speak. Carefully managed, your payday loan can be a true friend in need, though.
Payday Loan Lenders in Nevada:
Vegas Payday Loans
3249 W Sahara Ave
Las Vegas NV 89102
Vegas Cash Advances
1695 E Flamingo Rd
Las Vegas NV 89119
3 Easy Steps to Get Your Quick Cash
Complete the short form.
Receive your approval and confirm loan.
Cash deposited into your account.